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Missed claiming deductions like  80C , 80D , or 80G  in your income tax return? The Income Tax Act, 1961 allows taxpayers to correct such omissions by filing a revised return under Section 139(5). This ensures you can still claim eligible deductions, correct income details, or update bank information before the assessment year ends. Filing a revised ITR helps maintain accurate compliance, minimizes refund delays, and prevents avoidable penalties — making it essential for anyo

Filing an Income Tax Return (ITR) for pension income ensures that retirees remain compliant while optimizing tax savings through eligible exemptions. Pension income is taxable under “Income from Salaries,” and the filing process varies based on the type of pension received—regular or family pension. The correct choice of ITR form, deduction claims, and verification process helps pensioners reduce liability while staying within compliance timelines. With digital tools like Ta

Senior citizens in India receive special income tax benefits, simplified filing options, and higher exemption limits under the Income Tax Act. Understanding these provisions ensures they not only stay compliant but also maximize their savings and refunds. From increased deduction thresholds to exemptions under Section 194P, the government has designed the process to reduce their tax burden. TaxBuddy makes this journey simpler with guided assistance and automated filing tools

Taxpayers expecting a refund after filing their Income Tax Return can easily track the status online. Refunds arise when excess tax is deducted through TDS, advance tax, or self-assessment tax payments. In 2025, the Income Tax Department has enhanced refund processing speed and transparency. Refund status can now be verified through official portals such as the Income Tax e-Filing site, NSDL, or TRACES. Each platform provides real-time updates on refund amount, issue date, an

Smart tax planning helps salaried employees lower their taxable income and maximize take-home pay without breaching compliance rules. It involves choosing the right tax regime, structuring salary components efficiently, and making timely investments that qualify for deductions under the Income Tax Act, 1961. Recent updates under Budget 2025, including higher standard deductions and refined exemption thresholds, make planning even more crucial. With better salary structuring,

Filing an Income Tax Return in 2025 demands precision. New e-filing formats, AI-based data checks, and stricter compliance rules mean that even a small oversight—wrong form selection, missed income, or unverified filing—can stall your refund or trigger scrutiny. With timely preparation and awareness, taxpayers can file accurately and avoid penalties. Table of Contents Choosing the Wrong ITR Form Not Reconciling Income with AIS and Form 26AS Failing to Report All Income Sourc

The Assessment Year 2025–26 brings one of the most comprehensive updates to India’s Income Tax Return (ITR) forms in recent years. These revisions aim to improve transparency, simplify reporting, and make compliance smoother for individual taxpayers and small businesses. The forms now feature refined layouts, new disclosure fields, and expanded eligibility criteria for ITR-1 and ITR-4 . Updates from Budget 2024 and subsequent CBDT notifications have shaped these changes, ens

Form 10-IEA is a key filing document under the Income Tax Act that enables taxpayers to choose or change between the old and new tax regimes. It provides an official mechanism for declaring regime preference, ensuring the choice is valid for the financial year. Introduced to bring transparency and flexibility, this form is especially crucial for individuals and businesses with professional or business income who wish to opt out of the default new regime or re-enter it later.

Bonds are one of the safest ways to grow money slowly and steadily. When you buy a bond, you are basically lending money to the government or a company for a fixed time. In return, you get interest regularly and your money back when the bond matures. Most people think bond income is always tax-free. That is not true. The tax on bonds in India depends on what kind of bond you have, how long you keep it, and how you earn from it. Some bonds are fully taxable, while some are par

Capital gains tax in India is imposed on profits earned from selling capital assets such as property, stocks, or mutual funds. The taxation depends on how long the asset was held before it was sold. Assets sold within a short duration attract short-term capital gains tax, while those held longer fall under long-term capital gains tax. Understanding these two categories helps taxpayers plan better, minimize liabilities, and comply with the Income Tax Act, 1961. Short-term and